Negative free cash flow in Europe, slowing in China and the US, scandal in Spain, and telecom consolidation

China: The biggest news this morning was the Chinese data that came in overnight, showing China growing at 7.5% in Q2. Here's what we know. China's data collection integrity is questionable and likely skewed to the upside. So any slowdown is real. China is now in its second annual attempt to switch to a domestic consumption-based growth model. Last year, when China attempted the rebalancing, the economy tanked, forcing reflation. Policy makers are keen to get credit under control now but not at ...

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